ADP Job Report Drops By Record 742,000

ADP Private Job Report worse than consensus (-663k) by almost 100k at -742k, a record absolute drop. Also, the February revision is, unsurprisingly, lower from -697k to -706k. Amusingly, instead of slowing down job cuts are picking up. Also, the ADP is usually seen as a more optimistic version of tomorrow's initial jobless claims report.